Business
Strategic Business Update
Strategic Business Update.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \nMetalNRG plc\n\n(\"MetalNRG\" or the \"Company\")\n\n12 October 2017\n\nStrategic Business Update\n\nMetalNRG plc (NEX:MNRG) the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to provide a strategic business update for investors.\n\nDuring the summer months the Company has been working actively in the background, on a number of initiatives. Certain matters are now closing in on a conclusion, however the Company feels it would be prudent to outline the areas of commercial work underway, in order to give shareholders an indication of the activity levels and potential direction of the Company.\n\nPalomino Cobalt, Australia\n\nThe Company has two exploration licence applications in progress, covering two different project areas, namely Palomino and Palomino North. The Company has the right to acquire 100% of both projects from our Australian partner, upon successful granting of the respective exploration licences, further details of which can be found within the Company’s announcements dated 29 June 2017 and 24 August 2017.\n\nWhilst the Company originally submitted the applications with a cobalt focus, and cobalt remains a key target metal for both projects, due to their geographic location within the Pilbara region of Western Australia, the application areas may also be prospective for gold. As a number of companies are reported to have discovered potentially significant gold bearing conglomerates elsewhere in this largely underexplored region.\n\nThe extent of interest in this region is demonstrated by the fact that in respect of Palomino North, we have been notified, that another mineral company has submitted an application for the same exploration ground as the Company, on the same day we submitted application, and thus MetalNRG’s partner will now be entering into a ballot to determine which party successfully secures the application. MetalNRG has spent A$15,000 to secure the right to 100% of the Palomino North licence, as well as Palomino, when it becomes granted and the Company has also issued one million MetalNRG shares to the vendors. The Company will update shareholders as and when it is known that the application, for Palomino North has been successful or not.\n\nMetalNRG and its Australian partner have received various expressions of interest in the t...